Translogik, the trading division of sensor system provider Transense Technologies plc, has won a contract to supply its iTrack mining tyre monitoring systems to the entire fleet of 46 large haul trucks at the BHP Billiton-owned Spence copper mine in Chile’s Atacama Desert. The iTrack systems will be supplied using Translogik’s new rental pricing scheme.
An operations base opened by a Bridgestone Corporation subsidiary in Australia is said to be the first facility in the world to specialise in mining tyre business development and to offer comprehensive solution services related to off-the-road tyres for construction and mining vehicles, belts and hoses. Reporting that an opening ceremony has been held for the Bridgestone Institute Global Mining Solutions Pty. Limited centre, Bridgestone states that the facility will act as a global core base, offering support and services that aim to optimise mining tyre customer operations in two primary areas.
The second quarter of 2014 was, in the words of Titan International’s chief financial officer, “disappointing in terms of performance.” John Hrudicka reports that the 11.7 per cent year-on-year decline in sales to US$523.7 million occurred against a backdrop of price reductions, a downturn in the mining segment and a decline in agricultural markets. Gross profit also decreased 74.0 per cent to $22.6 million and was 4.3 per cent of net sales, as compared to 14.6 per cent of net sales a year earlier. Loss from operations amounted to $29.5 million in the second quarter of 2014, compared with a profit from operations of $36.9 million in the second quarter of 2013. Net income went $20.5 million into the red. Dividend declared per common share was $0.05.
It appears declining demand has prompted Bridgestone to postpone the start of production at its OTR tyre factory in Thailand. Bloomberg reports comments to this effect made by chief executive officer Masaaki Tsuya on 15 June. Tsuya said a new production start date will be announced when demand for mining tyres returns – adding that this may take “some time”.
Following the publication of Michelin’s first quarter 2014 revenues, which show a 2.4 per cent drop in group sales, market analysts have responded by pointing out that the 4.758 billion euro figure fell just short of the 4.765 billion euro average of expectations. Nevertheless Michelin has held to its 2014 objectives including increasing volumes 3 per cent; increasing operating income before non-recurring items; and achieving structural free cash flow of greater 500 million euros along with capital expenditure of 2 billion euros.
First quarter 2014 financials for Titan International are out, and Maurice Taylor says the company’s performance during the opening three months of the fiscal year fell short of expectations, mainly due to a “nonexistent” mining business, declines in the original equipment and aftermarket agricultural segments, and higher fuel costs. Titan now intends to instigate a series of optimisation measures at its global facilities.
Newly-published third quarter results show a Stamford Tyres experienced slight decline in turnover and a marked year-on-year drop in profits during the period. In the three months ending 31 January 2014, the Singapore-based company’s revenues decreased 2.94 per cent in the quarter to S$71.7 million (£34.0 million). Gross profit was down 2.35 per cent to $16.6 million (£7.9 million). Net profit fell 62.66 per cent to S$838,000 (£397,560).
As reported yesterday, Michelin North America has held an event to mark the opening of its newest manufacturing facility, just 17 months after breaking ground at the site. Test production has already begun at the plant and the first commercially available tyres will be manufactured next month. Michelin says 80 per cent of the large earthmover tyres produced in the Anderson County plant will be exported to mining operations around the world.
Singapore-based Stamford Tyres has posted a S$4.85 million (£2.36 million) profit in the second quarter of its current financial year, a marked contrast to the $2.97 million loss reported a year earlier. Revenue for the three months to 31 October 2013 amounted to $71.5 million (£34.8 million), down 12.1 per cent year-on-year. The company says the lower revenues are mainly attributable to weaker export sales of Sumo Firenza tyres and mining tyres.
The Grizz, aka Maurice Taylor, would have growled at Titan International’s designation as Zacks Investment Research’s ‘Bear of the Day’ on 13 November. Explaining why Titan was Zacks’ Ursidae of choice yesterday, Tracey Ryniec, a strategy analyst with the investment industry firm, opined that Titan International continues to suffer from a build-up in tyre inventory in the farm and construction industries and weak pricing.
In its consolidated financial statements for the first three quarters of the 2013 fiscal year, Bridgestone Corporation reports net sales of ¥2,606.0 billion (£16.4 billion) between January and September, a 17 per cent increase from the first three quarters of 2012. Net sales in the third quarter alone were ¥900.8 billion (£5.7 billion). Operating income amounted to ¥318.9 billion (£2.0 billion) for the first nine months of the year, a year-on-year increase of 56 per cent, and ¥126.5 billion (£797.9 million) in the third quarter.
Titan International’s Titan Mining Services business has launched an operation to reclaim raw materials from mining tyres. Titan Tire Reclamation Corp. (TTRC) will work together with joint-venture company Green Carbon, using the latter’s pyrolysis process.
Bridgestone Americas has added a new radial tyre, the V-Steel Super Deep Rock (VSDR), to it portfolio of mining tyre products, Tire Review reports.
AIMEX, the Asia-Pacific International Mining Exhibition, is one of the most important shows of its kind in the world. Held recently at the Sydney Olympic Park, this year AIMEX attracted over 650 exhibitors and more than 12,700 visitors.
Michelin has added a pair of new sizes to both its XTXL and XADN+ line-ups. The first of these has been bolstered by two 25-inch fitments, 26.5R25 and 29.5R25. These complement the existing 33-inch sizes in the XTXL range of underground mining tyres. The two XADN+ new additions are also 25-inch fitments, 23.5R25 and 26.5R25. These join the 29.5R25 quarry tyre introduced last year.
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